B.O.A. Group S.A. (FMO-45720)

  • Africa
Where the impacts of the investment may be experienced.
Financial Institutions
  • Netherlands Development Finance Company (FMO)
International, regional and national development finance institutions. Many of these banks have a public interest mission, such as poverty reduction.
Project Status
Bank Risk Rating
Risk rating varies among banks and may refer only to the particular investment and not to the risk for the project as a whole. Projects marked 'U' have an 'Unknown' risk rating at the time of disclosure.
Voting Date
Mar 21, 2016
The estimate day the bank will vote on a proposed investment. The decision dates may change, so review updated project documents or contact the EWS team.
Bank Of Africa
The holder of the loan, grant, or other investment.
  • Finance
The service or industry focus of the investment. A project can have several sectors.
Investment Amount (USD)
$ 3.34 million
Value listed on project documents at time of disclosure. If necessary, converted to USD$. Please review updated project documents for more information.
Currency conversion note:
Bank reported EUR 2.81 MLN
Converted using 2017-12-25 exchange rate.
Bank Documents
Primary Source

Original disclosure @ FMO website

Updated in EWS Apr 9, 2018

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Project Description


The Bank Of Africa (B.O.A) Group was set up in 1982, and is since 2010 majority-owned by the Moroccan banking group, BMCE Bank. FMO has been a shareholder in B.O.A. Group since 2003. FMO has participated in last yeara€™s capital increase of the B.O.A. Group.


FMO is investing an additional USD 5.3 million of equity in the general growth of the group.


The B.O.A. Group is one of the few pan-African universal banking group with presence in 17 countries in Africa. In line with FMOa€™s general strategy to empower entrepreneurs, the B.O.A. Group plays an important role in strengthening local businesses and has a strong footprint in Low Income Countries. To play a more meaningful role in the Group, FMO is now further increasing its stake in the Holding.

Investment Description
  • Netherlands Development Finance Company (FMO)
Contact Information

South Africa
+27 11 507 2500



Communities who believe they will be negatively affected by a project funded by the Dutch Development Bank (FMO) may be able to file a complaint with the Independent Complaints Mechanism, which is the joint independent accountability mechanism of the Dutch Development Bank (FMO) and the German Investment Corporation (KfW) . A complaint can be filed in writing, by email, post, or online. The complaint can be filed in English or any other language of the complainant. The Independent Complaints Mechanism is comprised of a three-member Independent Expert Panel and it can provide either problem-solving, compliance review or both, in either order. Additional information about this accountability mechanism, including a guide and template for filing a complaint, can be found at: https://www.fmo.nl/independent-complaints-mechanism.